9~ ~: (regd. no. 29770) - barc-ecs.combarc-ecs.com/amend2007.pdfdirector, barc. composition of board...
TRANSCRIPT
ANNEXURE-A
Rules for Election of the office of the Board of Director for a term of
Five Years under Bye-Law No. G 1.7(2) of Society.
THE B.A.R.C. EMPLOYEES
CO-OPERATIVE CREDIT SOCIETY LTD.,MUMBAI
(Regd. No. 29770)
Old R-5 Shed, Behind R.L.G. Trombay, Mumbai - 400 085.
Bye-Law No. G 1.7(2)
1. These Rules shall be referred to and called as "B.A.R.C.
Employees Co-Op. Credit Society Election Rules to the Officeof Board of Director's.
Board of Directors are duly
elected members to govern /administer the affairs of
Definition:
A) Board of Director:
These Rules and the changes / notification made hereunder,
from time to time, shall be binding on each of the members,
without any exception .
2. The said Rules shall come in force from the date of approval
from Divisional/Joint Registrar of Co-operative Society
(Salaried Employees Credit Society), Maharashtra State or
from the relevant Competent Authority prescribed for the
purpose.
3.
4.
~: 9~lfN~00\9
~-'tOOOLlt
R it.-q.;jffi.ID. ~ «(>ebl{ll.lctq<t,l ~,~ ~(;:[Ruft Sli. ~ ~ \9\9 0 )
~ -3ffi-~ ~ls,-3ffi.~.~. ~ tUol~lit, ~, %- 'tOO OL~
~Sli.: ~3lmft/~/~~\9~ ~: 9~/0~/~00\9
~T.I'1T
Rit.l!.muft ~~l{ctq;lT4l Ref~<InJ~~ctllcl.Utl.lct ila"ctI,'"
I{ctq(t,"l.•:n fcr.iN~~~, ~ 't ~ ~0 0\9 if;ft~ ~.0 0 Cf[\if(l[~
~14l.{;t<t(i-3imclRtl.~itit ~ ~l~~lvtl«lo"( -3iltl.INtct~ ~.
~ CIiI1l:
9. ~qlcl.;t~1 ~5«)ttflMll{RRIT~ (q-ymW; JllfI11r)
~) ~Sfi. 7[. 9.\9(~): ~~Hqsu!.,~~~.or)~Sfi.q;. 9.lt :-Ilt>s"lIMcl~~.
~. ~~nri~TI{~ql'1~fl~ ~iturR:rrlcl."ttl.iCSllG{ctWm~.
~ ri ~;ft ~~ ~'l~ ~ tT ftr-ffiJ.
~/-
(~q)(. 1Ufu;r)
~~
.. ~ .. ~~4{SctllT4lqnl'1cr~~-_"L ~.
~:
•:. ~IUlctll~~~~~~~ctllG{lCSlctJt~~~f.m;:rmtrom ~ «1«ltl.ClT41~ltl.IMtl.lctfu;fi~.
•:. mN~~~ft ~.OO ql~1{4ct~treIi~lUl«t.<tll\:ll{~ctf~3ffift;:rrft.nt'~ ~~ VT$rcr-mft~~~ ~. ~0 crrvttrr~ftq;yuft ~lul~JI~TCfN~ $ mtur ~ ~ f.:ruhrRef ~oiq'1~l~~ ~ •
•:. ~~~~~«I{Utl.lT41~~I{'1qlCI{~i$;r. ~~«I{~l.tct~ ~~Wm~itum;:rrft.
~~1tS( ~Ttmur ~.qP-\fltm «TtUqtl-4 f6lirl~ ~trcrn~ ~ ~ ~oo\9 itvft ~ 9.00 ;:[n{ ~ mfu;r.
2 3
~~~~~~~~~~~~~~~~'iNote:
B) Member:
C) Act & Rule:
'\B.A.R.C. Employees Co-Op.Society Ltd. Mumbai.
Every bonafide member of
B.A. R.C. Employees Co-Op.Credit Society Ltd. Mumbai.
Maharashtra Co.Op.Societies Act 1960 Rule 1961
made there under:
A)
B)
Except Ex-Officio President & Ex-Officio Vice
President, all the remaining 13 (Thirteen) members
shall be elected directly by conducting election once
in every five years.
By virtue of Bye-laws of the society, the Ex-Officio
President & Vice President shall be appointed by theDirector, BARC.
COMPOSITION OF BOARD OF DIRECTOR'S5.
D) Bve Laws: Bye-laws of B.A.R.C.
Employees Co-Op. CreditSociety Ltd. Mumbai.
C) After the term of every five years, there shall beelection of 13 members of Board of Directors. After
completing the 2 (two) consecutive terms of 5 yearsof Office as Board of Directors no member shall be
eligible to contest for the next third or successive term
of office under the provision of Bye-law of the Society.
The constitution of Board of Director's shall be as under:
1. Ex-officio President -1 Post } (appointedby2. Ex-officio Vice-President -1 Post Director,BARC)
3. General Member - 9 Post
4. Reserved Member from Women - 1 Post5. Reserve Member from Schedule
CastelTribe - 1 Post.
6. Reserved Member from Nomadic Tribe
Caste / Special Backward Class - 1 Post
7. Reserved Member from O.B.C. - 1 Post
Total 2 + 13 = 15 Post=================
4
6.
7.
VOTING RIGHT
In the year in which election is to be held, the members canvote whose name is entered in societies roll before the end
of 3151 March of the year. The member who accepted
membership of the society after 151 April or who retired from
service or who voluntarily tendered resignation of his
membership and accepted between the period from 151 April
and the day of election or whose membership is cancelled
for whatsoever reason will not be eligible to take part in voting.
APPOINTMENT OF CHIEF ELECTION OFFICER
The Board of Directors of the Society shall appoint a Chief
Election Officer who will generally be a Group "An Gazzetted
5
8.
~Officer of the B.AR.C. The Chief Election Officer can co-opt any other officer to assist him as Election Officer.
ISSUANCE OF NOTIFICATION AND ACCEPTANCE OFNOMINATION FORM
A) After every five years, in the year in which the election
of Board of Directors is to be held, the Chief Election
Officer will issue notice inviting application for theelection of members from the candidates interested
to contest election, on the day fixed by him. The saidnotice will be published and placed on notice board
of the Registered office of the society for theinformation of the members. The members who
propose to contest the election should have
completed one year of continuous membership andthe balance period of service should not be less than
6 years as on 1sl April of the year in which Election isconducted.
B) The Prescribed nomination Form will be made
available for members in the Society office. It is
binding on the part of members to use the form made
available by Society only, otherwise the nominationwill be treated as invalid.
D)
E)
F)
G)
'\office address and membership number. The form
should bear the particulars of candidate and his
signature consenting for the election.
The date of issuing and accepting nomination forms
will be as per the time schedule indicated in theCircular.
The candidate forms will be issued till the last working
day as per notification of circular.
In the month, in which election is to be held the
candidate's completed and duly signed forms will be
received till the last working day as mentioned in
election circular and acknowledgement for the same
is to be obtained from the office of the society.
Along with candidate Form for General Category an
amount of Rs. 1000/- is to be paid in cash in the
society as Deposit. This rule is also applicable to
women General as well as reserve category. For the
member contesting election for reserved post forschedule Cast / Tribe and others an amount of
Rs. 500/- is to be paid in cash as the Deposit. For the
candidate from Reserve Category it is necessary toenclose caste certificate.
C) The member who are desirous to contest the election
shall be proposed & seconded by the member ofthe society in the prescribed form. The form should
also bear the signature of members of proposed and
seconded their name, designation, employee no.,
6
H) If the candidate from General Category receives less
than 1/3 votes of the 9th (Last) elected member, then
his deposit amount will be forfeited.
7
~
If the candidate contesting election for the postreserved for women / schedule cast / Tribe, received
is less than 1/3 Votes than the votes received by the
last elected member of the said post, then the
deposit of said candidate will be forfeited.
~ ~
to contest election for Six years from the date of his
invalidation of earlier election, but if he submitted
nomination form before completion of 6 years from
his invalidation of earlier election, the same will be
rejected & the candidate and proposer / seconderwill be informed with reasons accordingly.
The deposit amount of remaining candidate will berefunded after the declaration of the Results of the
Election.C) Within 3 days from the date of receipt of information
about his invalid form, the candidate may make
appeal to Divisional Registrar of Co.op. Society.
SCRUTINY OF NOMINATION FORM & PUBLICATION
OF LIST OF ELIGIBLE CANDIDATE
I) The deposit amount of the candidate who withdrawtheir nomination form will be refunded after final list
of candidate is published.
B) The ballot box will be sealed in such a manner thatwithout breaking the seal the ballot box will not open.
E) After the period for withdrawing nomination from isover, the final list of the candidate will be preparedand the said list will be published on the notice board
of the society for information to the concerned.
Before the day fixed by the Chief Election Officer for
withdrawing nomination form, the candidate may
withdraw his name by giving written application to the
concerning authority.
TO SEAL BALLOT BOX
A) On one day prior to day of voting, the Chief ElectionOfficer with his authorized Officer will seal the ballot
box with his seal in the society office in the presence
of the candidates or their representative.
D)
10)
The Chief Election Officer with the help of his
assistant will make scrutiny of the nomination forms.
The list of eligible Candidate will be prepared as per
the initial of their alphabetical order of name and for
their information the said list will be published and
displayed on the notice board of the registered office
of the society.
The forms of the Candidates who are not eligible
under section 58 of Maharashtra Co.Op. Societies
Act 1960 or under Maharashtra Co-Op. Societies
Rule 1961 or under Bye-Law G-1.9 of the Society,
Or any other order Or the candidate whose earlier
Election is invalidated by Co-op. Court will not entitle
B)
A)
9)
8 9
C)"\
On the other corner of the ballot box, ballot Box No.,
Constituency Booth No. and Voting Centre will bementioned.
~ ~or mark their name or any other symbols on the ballot
papers, which make the Vote invalid.
11)
D) One day prior to voting, the Sealed ballot box, voter's
list, ballot papers, rubber seal, ink & other necessarymaterials will be handed over to election officer of
concerned voting centre and the receipt of the samewill be taken from them.
PROCEDURE OF VOTING
A) The Election will be held by secret voting.
B) The decision about the day and time of voting will be
taken by the Chief Election Officer and the information
will be notified to the members by publishing circular.
C) The Voting Centres will be at Brahan Mumbai & BRIT
.Complex, Vashi.
F)
G)
H)
It is compulsory on the part of members to produce
their Identity Card issued by their respective Employer
like BARC, HWB, DCSEM etc.
If the name of any of the member is found missing or
wrongly written in the bonafied Voter's list at any of
the Voting Centre, it is the duty of the member to prove
his identity by suitably a written certificate from the
Sr. Officer to the Polling Officer. After verifying the
fact of the certificate the Polling Officer should allow
the member to caste his vote and send the certificate
of the member of the society for record.
The polling officer will ensure that the candidate or
his representative shall not canvas within the
compound of that voting centre .
D)
E)
The member will be entitled to vote at their respectiveVoting Centres located within the ambit and their
Work Spot I Office. However the Polling Assistants
and volunteers working at a particular voting centre
will cast their vote at that voting centre.
The members who wish to vote to a particular
candidate will put stamp provided at voting centre in
front of the name of candidate. Voters should not sign
10
I) After voting time is over, the Polling Officer of the voting
centre will seal the open space of the ballot box kept
for inserting ballot paper with his seal and with hisauthorized Assistant, and send the sealed ballot
box / boxes, balance ballot papers, accounts of used
ballot papers, other balance material, specimen of
seal put on ballot box by the specified vehicle andmanner to Chief Election Officer and along with his
report in writing.
11
~ ~election contesting candidates and remaining present, canascertain the ballot box.
12)
~
J) The ballot box and other material sent by the Votingpolling officer will be received by Chief Election
Officer / his authorized Assistant in Office of the
society or at the place fixed by Chief Election Officer
and all the material will remain in custody of chief
election officer or his Asst. Polling Officer till the dayof Counting of the votes are completed.
COUNTING OF VOTES
A) The day, date and place for counting the votes willbe decided by Chief Election Officer and to that
effect prior intimation will be given to the candidates.
B) In consultation with the President, the Board of
Directors will appoint required number of personsfor counting the votes, but in that, no member from
present Board of Directors or election contestingcandidate will be included.
14) SCRUTINY & INVALIDATE THE BALLOT PAPERS
A) The ballot papers taken out from ballot box and
received from post will be bundled conveniently for
counting and it will be scrutinized.
B) The ballot papers will be considered as completely
invalid in the following circumstances.
1. Any mark/ symbol or writing / signature etc. on ballot
paper is made to identify voting.
2. If no cross stampings for anyone candidate on Ballot
paper.
3. If more than one candidate is to be elected, the casted
votes are more than the number of candidate to be
elected.
4. To one candidate more than one votes are casted.
13)
C) At the vote counting centre, the person appointed to
count the votes, Staff members of the society present
Board of Directors and the candidates will only getthe entry.
SCRUTINY & OPENING OF BALLOT - BOX
Before opening the box, polling officer or their assistant will
ensure that the seal put by voting centre officer on ballot box
with the sample of seal sent by them and after ascertainingboth the seal are same, the ballot box will be opened. The
)12
5.
6.
7.
8.
C)
If cross mark is made at different place than the space
reserved for marking it on ballot paper.
If it is proved that ballot paper is bogus.
If the ballot paper is cut in pieces or spoiled to such
an extent that it is difficult to ascertain the genuineness
of ballot paper.
The Sr. No. and appearance of ballot paper is different
than the Sr. No. and appearance of official ballot paper
issued for use at voting Centre.
If the mark put on ballot paper creates confusion as to
which candidate the vote is casted, then the sai~
13
15)
"\
specific vote will be considered as invalid and theremaining votes will be treated as valid.
D) The vote counters will make entries of valid votes in
the chart provided to them and final chart making ofall the votes received by each member will be counted
and submitted to the Chief Election Officer.
E) Based on the order to votes received by each
candidate, a list will be prepared and along with areport of Chief Election Officer, the same will be
handed over to the President of the society.
F) Another list will be prepared, by Chief Election Officer,of the candidate who are elected with their received
votes and it will be handed over to the President of
the society to declare it in Annual General BodyMeeting.
G) If the counting of votes is not completed on the dayfixed for counting, the Chief Election Officer will take
decision whether to continue or to adjourn the day ofcounting.
RECOUNTING OF THE VOTES
A) After completing the counting of votes, the Chief
Election Officer will make entries of votes receivedby each candidates.
B) Out of the candidates to be elected, last candidates
and the candidate next to him received same votes,
then candidate (next to last candidate) have right toask recounting of votes but the Chief Election Officer
/I14
.,
16)
17)
18.
'\reserves the right to decide whether the recounting is
to be done or not, in that existing circumstances.
DECLARE THE RESULT OF THE ELECTION
A) After Election, the Chief Election Officer will declare
the result of the election and the introduction of newly
elected members will be made in the ensuring Annual
General Body Meeting.
B) Out of the candidates to be elected, if last candidateand the candidate next to him received same votes
and request made to that effect for recounting is turneddown then there will be draw of lots in the name of
candidates who have received same votes and the
President ofAnnual General Body Meeting will choose
one out of the lots and the candidate having his nameon the said lot will be declared as elected.
APPEAL AGAINST RESULT AND TO PRESERVE
BALLOT PAPERS
A) If one or more candidates have complaint against the
election's result, he may file an appeal in co-operative
Court within 15 days from the date of declaration ofresult.
B) The election result and ballot papers will be officially
sealed and preserved in the office of the society for
Six months from the date of Election and thereafter, if
not required, it will be disposed off.
AMENDMENT IN RULE
A) The Board of Directors are competent to add /correctlcancel/make new rule under this rule. But the
changes will come in to force after obtaining sanction~
15
B)
C)
~ ~from Divisional Joint Registrar, Co.Op. Society
(Salaried Employees' Credit Society) State of
Maharashtra or from corresponding competentAuthority.
It will be within power of Board of Directors to decide
the details of election programme (Except inviting
nomination forms) or to make change in preplannedprogramme.
In the year in which election is to be held, the Chief
Election Officer appointed by the Board of Directors
will declare various dates for election process of jointprogramme till declaration of election result about
calling nomination forms, its scrutiny, to preparevoters list etc.
~.cft.l!:.&R".m.~~I~~ CfiT.afI4~R.q)~ r_ -' __f'l __••.••...• '1 Wr. ~
(~~. ':?~\9\9o)
~ 3lT{-t." 'its, 3lT{.~.~.~ 4Idl4iI~, ~, ~ - ~oo ot.t.".••t"l{2.~ '31'
.M. r::.•. ,,~ 'If. ~. \9(~) ~ 11~~c:.lj~l~ i\1rrRlT +i~I(1Ch ~SCXlI~1.; .•..,...fA,.." r:.t't~llIrto\""I~~~i\~ ~ .
~. ~~ "m.~.am-.m.l.!..~I$-J1 cnT.3l14{fcCQ ~ ~"llw-lcl~ +i~I(1Ch
. f. ~ ,,_.....::..." .......::,.~ 1ClSU,lCh1'1<1+1~oo\9 ~~ ~ql~UClII1 Cllq.
~. m:rf.r<rt:r, +1l!;f1Qsrcn, ~~ (~'1ICh~i~I~) ~~
~fcticrr~~ 3lf~ChI-<lI~ '¢.;pT fl-lCXlI~I~I1~atmmf~.
~. J1+1IClCI~1~~%'furn'~, ~~ituTRrr qc:.(1i+1I!;/~~1~i~1!;
q~1ChI~Ch ~.
Cfi') ~q~:
$') 4'lcr~Cll-l:
(<X.lCl~14~
~)
~~~~~~~'tl'C,
~~
~~ + ~~= ~4~.~ ~q ~ 'CJlTOOOl' ~ ro (~~)~f.rcts ~-qrq Cflri;ft itc
J
~)~~
~)~~-
~) +1J+1I~I~U'~
~) l-lf6(1i+1101
4) ~~ /'iITmft -
~) ~~ ~~ 3lTflrrfclittrlITllmJmlf
\9) ~ Ul<lll ••.••d ••(f~ -
m.~.3W.m.l.!..~I$'J1 cnT.~if;fu:~
ffi. ~ +i~I(1Ch ~
m.~.3W.m.l.!..4l.(1I~'J1cnT.~if;fu:~
ffi.~~~.~~mr~~~~Oqfurn'~~~~.m.~.3W.m.l.!..~I~'J1cnT.~if;fu:~
ffi. ~ 4Icf.1Cll-l.
~~I('1ct1 ~sCXl,~1 n.RT : -
31) +i1+iI(ltl~1 +i~I(1Ch ~SCXlI~1~ ~1(1~I(1}ll-lIUI~ .
~.
**************
If any difference of opinion arises regarding the meaning Iexplanation of this rules, the decision of the Board of
Directors will be final and binding on the members.
In addition to this Rules the Rules published by Maharashtra
Government under Maharashtra Co-Operative Society Act.and Rules and amendment made thereunder from time to
time. Which are applicable to credit Resource Salary
Earners society should be applicable to election of Board of
Director of the society.
The territorial juridication of the court for any dispute aboutany election matter shall be at Mumbai.
19) AMBIGUITY
16 17
Fidelity Bond Rules 2007
Bye-Law No. F.1.5
The loan shall be paid on personal security of the borrowing memberunder the rules mentioned below :-
~lfIlT1l'iT~GlooM\ itffi~. ~mr ~OOI~~1 .j~c:.ql(i~1 ~~
GlctlU~I(1~. ~ ~J~ltll(UI ~~~~ ~~
~ q w~ -;:rrq mrffi;<rr .jq<:;ql(IMI ~ mtlrn Cfmfu;r.
~1.9. f':tClSU.lCh f':tChI~lfCt(1~ &fT«;r ~ q l-l(14f:"ChI ~ ~ ~
aT) ~~ ~ af.tcn .jqc:.ql(j"ll HqSuJ"ctlnl~1 HcnWllrqq~1 'ffi'IiTt~W
~ r-1qSUJ"cnnl-q1f.rc:fm;r~ ~1~141+1-1 ~o rc:.q~I~1 a:mr r-1qSuJ"ctl
HcnIMlfq(1ec:. ~ ~1~IM~I(1 311fu;r~'Cfi'«lT~.
q) HqsuJ"ctlnl-q1~q l-l(14r~cnlfurm-~~~ l-lf6~14.s(1 ~1~I~Gl
ctll~IM~I(1 ~~W<mri«fu;rq~ ~lIq~~cn(11 ~ ,,~L";•._~rtht~~ 4(ql-1.fl~ ~ rq~qlG MlqU~I(1~.
~G. f.n:m~:aT) ~~~lq~~ctl~j~l( 'lR~~cnroT, ctllul(1l~l ~~
~. ~~~mm~~ <lSOOI'C.Cl1~Cfi$r 3lmiWr.
lffif 31it~. ~QHqtlcb. ~~ (~.{Ictl(i-qnl ~) ~
U'i'<l' ~~~ 3lftlctll~i~1 ~~ W«mr~.(if) HqsuJ"cnl~1 ctlI4~l-lI-q1 ~~ (-1Il-lr-1;f~I-11rirl-l1'lrqU~I<Xl~~CK1)
fci:icrr 'iC~r-1~lr""(1ctlI4~"iI(1 ~~mmC!f ....;""~.,,(j ....;~"••••.••...;.,•..•.,~.•••
31fucnRqj~ ~.
en) -11l-lH;r~I-11rirll'lT!fc!UT.~~~, ~<mJT(f<JR~~~
f.tqSUJ"cnnl-q1f.rcI:m;r~ cn(U~I'C.Cl1(11(~44(1-q1f.tqsuJ"cn Jlr~~~M ~'I~'IOO~I
(1l((Sli-qI ~ctlr~(1~~1 ctlI4~"i +l-qIMctl ~~~~~
~~~.
~~. ~:
<ITH~"ii~1 3l~lqlq(1 / ~~lctl(ullqlq(1 ~~~ +l-qIMctl ~SOOI-q1
~lqlq(1-q1 RuT<:r~~. '31ri'tCRf H~l-liq(lq( -q ~ ~ ~
~~f.n:n:r ~~~o q 3lftlr-1~l-l ~~~~ 13'Tffi(f(lR~ HqsuJ"ctl ~
f.nm ~OO~I~OOnl~~ <ilc:.MI~Ql(1Ji~I~cl~1 f.tqsuJ"cn")~ 'ffi1l~~
~urrciTq~~murrt~ ~~~ .ocn(i-q14(1~~I~IJ\)
JI~I~Gl~1 r-1qSuJ"ctlnl~'ffi1l~~~u:ncfr.Hqsulcn ~ _1 ...~ .. .l1
-.-.-.-- ~ ..•. ~.~~ ~~ l-lQI-1'1(41f~ctll~~~u:ncfr.
**************
24
1)
2)
3)
4)
THE B.A.R.e. EMPLOYEES
CO-OPERATIVE CREDIT SOCIETY LTD.,MUMBAI
(Regd. No. 29770)
Old R-5 Shed, Behind R.L.G. Trombay Mumbai - 400 085.
ANNEXURE - B
Title :-
These rules shall be called "BARC Employees' Co-operative
Credit Society Ltd. Mumbai" Fidelity Bond 2007.
Implementation:
These Rules shall come inforce after approval form the
Registering Authority
Application of Rules:
These Rules shall be applicable to all the members of the
BARC Employees' Co.Op. Credit Society Ltd.
Definitions:
a) "Society" means BARC Employees' Co-operative Credit
Society Ltd.
b) "Fidelity Bond Rules" means BARC Employees' Co
operative Credit Society's Fidelity Bond Rules 2007.
25
The amount of premium charged will be rounded off to next rupees.
"\
of repayment of loan as mentioned in the loan bond shall be
entitle for Long term loan without any surety. The premium
will be calculated by using following formula:
"\
c) "Borrower" means the member of the "Society" whodesires to obtain or obtains loan from the "Society".
d) "Managing Committee" means the duly elected
members of the Managing Committee of the Society.
e) "Loan" means any type of loan granted to "Borrower" by
Managing Committee under "Fidelity Bond Rules".
f) "Premium" means the contribution as specified in Rule
NO.6 to be paid by a "Borrower" under the "Fidelity BondRules".
g) "Year" means the Co-operative year of the Society for
all accounting purposes.
(Sanctioned /
OutstandingLoan amount
Credit Balance Amount
100x
Number
of
Installment
12x
Rate
Of
Premium
5)
6)
Aims and Objects:
The aims and objects of the Fidelity Bond R\-lles are:
i) To grant loan to any Borrower without obtaining any
surety on payment of premium as per Rule No.6, of
Fidelity Bond Rules.
ii) To raise the Funds in order to recover entire or part
of the loan paid to a borrower under Fidelity Bond
Rules in case borrower fails to repay the same to
the Society due to reasons mentioned in sub-rule (i)
and (ii) of Rule 8 of Fidelity Bond Rules.
Rate of Premium:
The borrowee on payment of premium @ Rs. 0.40 per Rs.
100/- per year (12 months) on the loan amount after
subtracting the Credit Balance i.e. Share Capital,
Subscription to the extent of limit prescribed in D.3.2 from
the loan sanctioned / outstanding for the entire balance period
26
7) Terms and Conditions:
i) The premium as mentioned in 6 above shall bededucted from total amount of loan sanctioned to
borrower at the time of payment of loan.
ii) It will be the responsibility of the borrower to deposit
the loan installment and other dues to the Societyoffice on or before 5th of the month if the same is not
recovered through salary for reason whatsoever.
iii) For reason whatsoever if the monthly loan installment
is not recovered continuously for six months or more,
the fidelity bond shall stand as null and void. In such
cases and additional premium at the rate mentionedin Rule 6 above shall be collected from the borrower
in cash or through salary following immediately after
execution of fresh fidelity bond for the loan balance
receivable on the date of death if any, after adjusting
)27
1.
2.
iv)
"\
keeping rate of installment not less than the ratementioned in old loan bond. e.g.
Ordinary Loan:Loan borrowed is Rs. 10,000/- to be repaid in 66
installments @ Rs. 155/- per month. Rs. 3,720/recovered in 6 installments and then no recovery was
effected for six months continuously remaining
Rs. 6,280/- loan balance to be recovered in 42
installments. The premium is calculated in this case
by using formula given in Rule 6 as follows:
6280 X 42 X 0.4 = Rs. 88.00100 12
Special Loan :Loan borrowed is Rs. 10,000/- to be repaid in 120
installments @ Rs. 85/- per month. Rs. 2,040/recovered in 24 installments and then no recovery
was effected for six months continuously remaining
Rs. 7,960/- loan balance to be recovered in 96
installments. The premium is calculated in this case
by using formula given in Rule 6 as follows:
7960X 96 XO.4=Rs. 255.00100 12
A borrower failing under 7 (iii) above may approach
the Managing Committee with written application
stating reasons for non recovery of the loaninstallments and also assuring the Managing
Committee for non-reoccurrence of such laps. On
~
28
8)
'\receipts of such application if the ManagingCommittee is satisfied with the reasons and
assurance it may allow such borrower to repay the
loan as per the installments for the balance periodas mentioned in the loan bond. However, such
member has to pay an additional premium at the rate
mentioned in rule 6 above for the outstanding loan
and for the balance period as per the loan bond
executed at the time of borrowing. Such request can
be considered once during the total period' of
repayment as mentioned in loan bond.
v) A borrower may request in writing to the Managing
Committee for postponement of loan installment, on
or before 15th of the month. On receipt of such
application the Managing committee may accord its
sanction for postponement not more than once in a
year and maximum 6 postponements during the total
period of repayment as mentioned in loan bond
without affecting the provision of Fidelity Bond Rules.
vi) No refund or adjustment of premium on prorate basis
will be made even if borrower desires to pay / pays in
lump-sum the balance loan or desires to increase
the monthly loan installments or applies for fresh loan
after repayment of 50% loan already taken by regularinstallments.
Utilistion of Fund:
i) In the event of death of borrower, the amount of
outstanding loan and the interest due thereon
J29
only his/her contribution as per Bye-law No. D:3:2
with the Society from outstanding loan and interest
due thereon, will be adjusted from this fund.
';/10) Accounts:
The amount collected and disbursed shall be accounted for
separately under the head as "Fidelity Bond Account".
ii)
iii)
In the event of a borrower, due to incurable prolonged
sickness or physical invalidity retiring from the
department on Invalid pension and if sub-committeeis convicted that such borrower is unfit to serve/any
other employment, the excess amount, if any, after
adjusting his/her own credits with society from
outstanding loan and interest due thereon againsthim /her on the date of Invalid Retirement, instead of
recovering from him/her, it will be adjusted from thisfund.
In any other circumstances other than mentioned in
(i) and (ii) above, after making all the efforts to recover
the outstanding loan and other dues through all thesources of the borrower, the excess amount if any
after adjusting his/her own credits with the Society
from outstanding loan and interest due thereon
against such borrower on the date of loan bond
becoming invalid as per the provision of Rule 7 (iii)
of this "Fidelity Bond Rules" will be recovered from
"Bad and Doubtful Debts Reserve" by passing a
resolution to that effect in General Body Meeting on
the recommendations of the Managing committee.
11)
12)
Management:
A) The Fidelity Bond Account shall be managed by a
sub committee consisting of 3 members elected by
the Managing Committee from amongst its memberat the time of election of office bearers for the co
operative year for recommencing all cases under
Fidelity Bond Rules.
B) The decision of the Managing Committee inconsultation with sub-committee shall be final.
General:
The General Body of the Society shall be empowered to
amend any / all the provisions of the Fidelity Bond Rules
2007 as may become necessary from time to time.*************
9) Investment of Funds:
A) By investing in the business of the Society.
B) By investing in Deposits with Co-Gpo Banks.
30 31